18 Oct Real Estate Basics

We often get asked about the end-to-end process when buying or selling a home. We’re taking to our blog to help demystify the role of the key professionals involved throughout the process.

When buying or selling a property, several professionals are typically involved in the process, which can sometimes create confusion about each person’s role in the transaction.

Real Estate Agents: When selling a property, many people hire a real estate agent to handle the listing. The agent can help you determine a competitive listing price for your home and take charge of advertising and marketing, including photographing and preparing the listing. They may also offer advice on how to prepare your home for sale, such as decluttering, painting, or staging. Additionally, the agent will review offers with you and assist in negotiating the agreement’s terms.

For those purchasing a property, a real estate agent can help you identify the type of home you want, the features you need, and your price range. They will look for properties that match your criteria and keep an eye on new listings. The agent will help arrange property viewings, prepare an offer, and negotiate counteroffers if necessary.

Lawyers: If you are working with a real estate agent, you will typically involve a lawyer after an Agreement of Purchase and Sale has been signed. For buyers, the lawyer will review the agreement, conduct necessary title searches, ensure that you receive clear title to the property, and prepare mortgage or financing documents. Before closing, they will meet with you to explain and sign the paperwork, handle the transfer of funds, and register the deed.

For sellers, the lawyer will review the Agreement of Purchase and Sale, obtain a discharge of your mortgage, prepare the required sale documents, address any title concerns raised by the buyer’s lawyer, and meet with you to go over and sign the documentation. The lawyer will oversee the closing, including receiving the buyer’s funds and ensuring you receive the sale proceeds.

Bank or Mortgage Broker: Your bank or mortgage broker will assist with securing financing for your purchase. They will discuss your financial options and arrange the necessary mortgage or loan required to complete the transaction.

Insurance Agent: Your home insurance provider will help arrange the proper coverage for your new home, ensuring the mortgage company is listed on the policy if you are using financing. They will also provide your lawyer with the necessary documents to ensure everything is ready for closing.

Our team at Sitka Law Group is here to help. Reach out to us if you have questions about how we can help you with your real estate transaction. We’re conveniently located on Shelbourne Street, near the intersection of Victoria, Oak Bay, and Saanich.

This article is current as of October 18, 2024, and it is intended for general information purposes only. It is not intended to provide legal advice and should not be considered legal advice. Readers with concerns about how this affects particular situations or transactions should obtain the independent review and advice of legal counsel.